The core of this UNI cycle isn’t just a rebound—it’s that the pricing framework has been rebuilt from the ground up. The market dynamics have shifted. Previously, it was the governance token of the largest DEX, with market share but no outlet. Now, with the fee switch turned on, protocol fees are directly burned continuously, and usage starts to impact supply. What’s fueling this mechanism is Robinhood Chain, not the old Ethereum pools. On-chain, it’s running both crypto trades and tokenized stocks like NVDA/TSLA/AAPL. Uniswap has practically cornered the spot market, and the fee rates for stock pools are even higher. The latest data is solid: RH Chain DEX hit $3B in single-day volume for the first time, with Uniswap capturing the majority. On that day, UNI burn exceeded $1.15M for the first time, with about 80% coming from this chain. V4 daily fees have already reached tens of millions. The market is still valuing it as DeFi beta, but in reality, it’s already becoming the liquidity layer for a “brokerage chain + tokenized securities” model. If trading volume transitions from spikes to a sustained plateau, that’s when the real repricing begins.